The advancement of computer and network systems offer opportunities for automation (e.g., computer driven) of traditional legal tasks such as contract generation and real estate closings. However, in many cases, computers and networks have simply expedited the transmission of information. Take for example, the negotiation of a contract. It is currently possible, and in many areas common, for the various parties to the contract, including their legal counsel, to share electronic drafts of the agreement via electronic mail or e-mail. Edits may be made to the electronic document attached to the e-mail and rerouted to the parties for to review. Recipients may also print hard copies of such electronic documents for review and editing purposes. While such systems and processes have eliminated the traditional transmission time for contract documents (mailing, faxing, overnight delivery, etc.), the uncontrolled proliferation of electronic documents raises numerous concerns, including: version control, unauthorized disclosure, unauthorized modification, and interruptions in an approval process.
Currently, a gap exists in data exchange and party/process interfaces between on-line or paper-based origination and on-line or paper-based transaction, particularly real estate closings. It is such interfaces where closing agent and title agent processing, tasks and communications occur, all or many of which are still paper-based, time-consuming, inefficient, and error prone. Similarly, the follow-up or post-closing tasks that must occur after the closing and after recordation by various participants, is also currently without the benefit of overall centralized process management, integrated tracking and history, continuity of shared data, and auto-notifications and cross task reporting.
Various software products have also been introduced to assist attorneys and paralegals in contracts and other legal documents. Such products typically provide boilerplate legal phrasing from which a user may select a number of choices for “fill-in-the-blank” provisions depending upon the circumstance. An example of such a product is Intuit Inc.'s Quicken Family Lawyer Deluxe. In that product, answers to a series of questions are used to select and combine provisions and terms appropriate for the circumstance.
Unfortunately, the approaches currently available for automating or improving the legal profession have focused on only a single aspect or small portion of an overall process of providing legal services (e.g., improved transmission speed or document generation), and have not focused on automation of an entire legal services process, or other transactional or reporting services. Accordingly, there is a need for an integrated and automated work-flow management and document generation system providing scheduling and process control features, collaboration mechanisms, version control, and workflow management. For example, a need exists for an automated real estate closing system capable of applying defined legal and business constraints to expedite the approval and closing of real estate contracts therein. The present invention is, accordingly, directed to such a system.
The present invention further contemplates the application of such a system to facilitate a virtual closing or similar legal, financial or accounting services. In particular, the various features and functions of the present invention, including rule-based data access, could be applied to enable a digital signature being applied to complete the transaction. The system may also be used with mandated government reporting systems so as to enable the efficient generation of reports, and digital filing thereof (e.g., employee pension plan reporting).
In accordance with the present invention, there is provided a system for managing work-flow during the provision of services to a client, including: a network accessible by a plurality of users involved in the provision of the services; a database, accessible via said network, said database allowing controlled access by the plurality of users and storing data related to said client, said database further including at least one table having embedded rules wherein the rules define a work-flow for the services being provided; and a user interface that provides access to said database for said plurality of users, including the ability to obtain documents automatically generated by the system.
In accordance with another aspect of the present invention, there is provided a method for managing work-flow during the provision of services to a client, including the steps of: providing a network accessible by a plurality of users involved in the provision of the services; creating a database, accessible via the network, the database allowing controlled access by the plurality of users and storing data related to the client, the database further including at least one table having rules embedded therein, where the rules define at least a portion of a work-flow for the services being provided; and providing access to the database for the plurality of users via a user interface, including the ability to obtain documents automatically generated by the system.
In accordance with yet another aspect of the present invention, there is provided a method for managing work-flow during a real estate transaction, including the steps of: providing a network accessible by a plurality of users involved in the provision of the services during at least initial, closing, title and post-closing phases of the real estate transaction; creating a database, accessible via the network, the database allowing controlled access by the plurality of users and storing data related to the client, the database further including at least one table having rules embedded therein, where the rules define at least a portion of a work-flow for the services being provided, and at least one record having information pertaining to a real estate transaction where the information was entered by a user in the initial phase; and providing access to the database for the plurality of users via a user interface, including the ability to obtain documents automatically generated by the system.
One aspect of the invention deals with a basic problem of bringing overall process management and connectivity to all processes, participants and data involved in a transaction, for example a mortgage lending transaction. This aspect is further based on the discovery of a technique that alleviates this problem. The present invention employs techniques designed to manage a process from inception through closure, including all follow-up tasks, and to enable all parties involved in the process to interact with and keep the process moving forward via rules and controlled web-based access to a transaction's Virtual File Folder™ (containing, for example, all file specific data, documents, notes, status and history) and client/type/status driven auto-notifications.
The present invention will be described in connection with a preferred embodiment, however, it will be understood that there is no intent to limit the invention to the embodiment described. On the contrary, the intent is to cover all alternatives, modifications, and equivalents as may be included within the spirit and scope of the invention as defined by the appended claims.